Pi Network plans to unlock 188 million tokens in March, allowing more than 1 million users to access them. This is a much larger user base than most months. However, this may not increase selling pressure as demand for PI is still growing strongly.
However, the project's community is also taking strong action on social media, negatively evaluating Binance for allegedly delaying the listing. A Binance community vote strongly supported Pi, but the listing has not yet occurred, leading to a fierce reaction.
Pi Network prepares for a major unlocking
Pi Network is one of the most closely watched cryptocurrency projects recently. Since the mainnet launch on 02/20, PI has risen nearly 100%, reaching a peak of $2.99 before adjusting. At the same time, it is gaining more recognition from the broader community despite previous criticism.
A week ago, CoinMarketCap refused to update its market capitalization, but this platform changed its stance yesterday. PI is now the 11th largest cryptocurrency on the market, surpassing Hedera, Chainlink, Stellar and other notable names.
CoinMarketCap's community sentiment shows that 91% of its users are optimistic about Pi, as the company plans to unlock 188 million tokens for over 1.1 million users this month.
Pi Network token unlocks in March. Source: ExplorePiSuch a large token unlocking event will certainly impact the price of Pi Network. Recently, the project has carried out the largest airdrop in cryptocurrency history, which has helped increase interest.
Data from ExplorePi shows that there are currently over 11.5 million Pioneer accounts. However, 7.25 million (63%) accounts have locked PI for three years, and 1.6 million accounts (14%) have locked PI for one year.
Therefore, selling pressure on Pi Network may not occur immediately, even with this large user base.
However, Pi Network is also causing a lot of controversy. Recently, Binance held a community vote on whether to list the PI token, and their users strongly supported it.
Despite the support, Binance has not yet listed PI, and many users are not accepting this. Pi fans have left negative reviews on Binance's Google reviews. Although not directly mentioning the project, the exchange has responded to these comments:
"Before listing a cryptocurrency, Binance will check and consider many factors including liquidity and trading volume in the market," Binance stated. While the exchange did not directly mention Pi Network, it commented on some 1-star reviews related to Pi on the Play Store.
Many (but not all) of these reviews and responses are occurring on servers in Asia, where the project is most popular. Recently, the Vietnamese government issued a warning about Pi Network, and Bybit CEO Ben Zhou reminded his users that China had issued a similar warning several years ago.
Nevertheless, Pi Network appears to have a large community of passionate supporters. Although some of its fans are gaining a bad reputation for their hostile and defensive attitudes on social media, the project remains resilient in the current market conditions.
